PBC Holds 2019 Financial Consumer Rights Protection Work Conference

On February 27-28, 2019, the 2019 PBC Work Conference on Financial Consumer Rights Protection was held in Taiyuan, Shanxi Province. Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, all participants at the conference thoroughly studied and implemented the spirits of the 19th National Congress of the Communist Party of China (CPC), the Second and the Third Plenary Sessions of the 19th CPC Central Committee as well as the Central Economic Work Conference, and fully implemented the requirements of the PBC Work Conference. Efforts in financial consumer rights protection in 2018 were summarized, with an analysis of the current situation, while priorities in 2019 were arranged at the conference. Zhu Hexin, PBC Deputy Governor and member of the CPC PBC Committee, attended the conference and delivered a speech.

chinese consumers

The conference fully affirmed the achievements of the PBC on financial consumer rights protection in 2018. It pointed out that in 2018, under the leadership of the CPC PBC Committee, the PBC financial consumer rights protection system achieved positive results in in all aspects of its work progress as it thoroughly studied and implemented Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and followed the overall arrangements of the Central Economic Work Conference and the PBC Work Conference, upheld the underlying principle of pursuing progress while ensuring stability, and focused on priorities of its responsibilities in a law-based manner.

The conference stressed that the PBC financial consumer rights protection system should raise its political stance, take the initiative to fulfill the new missions of financial consumer rights protection in the new era in a scientific way, and analyze in depth new challenges that will be faced in the work of financial consumer rights protection against the new situation. With an enhancing sense of responsibility and mission, the whole system should perform its new duties in financial consumer rights protection granted by the newly released “Provisions on the Functions, Organization Structure and Staffing of the People’s Bank of China”.

The meeting called on that in 2019, the PBC financial consumer rights protection system should earnestly study and implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, enhance the awareness of “maintaining political integrity, thinking in terms of the big picture, following the leadership core, and keeping in alignment with the central Party leadership”, have “firm confidence in the path, theory, system, and culture of socialism with Chinese characteristics”, and resolutely safeguard the core position of General Secretary Xi Jinping in the CPC Central Committee and the entire Party as well as the centralized, unified leadership of the CPC Central Committee. According to the overall arrangements by the Central Economic Work Conference and the PBC Work Conference, the whole system should understand and grasp the position and direction of financial consumer rights protection work at the current stage, remain committed to the new development philosophy, and promote the New Normal of economic development in a scientific manner. It should uphold the underlying principle of pursuing progress while ensuring stability, clarify its working plan with priorities highlighted and ensure full and strict governance over the Party. It should further clarify the functions and responsibilities in terms of financial consumer rights protection, so as to advance the priorities, and take the lead in establishing a sound coordination mechanism for financial consumer protection. In-depth surveys and researches should be carried out while the talent development of the officials in the system should be enhanced. In this way, the financial consumer rights protection can better serve the real economy, prevent and control financial risks, and deepen the financial reform.

Officials in charge of financial consumer rights protection from PBC Shanghai Head Office, branches, operations offices, and provincial level and sub-provincial level central sub-branches, responsible officials from departments of financial consumer rights protection, and representatives from relevant departments and bureaus of PBC headquarters attended the conference.